5 Ways to Boost Your Retirement Savings

Anytime is a great time to review your retirement plan. So today I have five tips that will help you boost your retirement savings.

#1: Employer matching bonus.

If your employer offers to match a portion of your contribution to your 401k, be sure to contribute enough to get 100% of your employer’s match.

#2: Save Sick And/Or Vacation days.

Some employers will allow you to save up or bank your sick and vacation days. Be sure to check with your employer to see if they offer this option.

#3: Bonuses, Tax Returns and Gifts.

Instead of spending any bonuses, tax returns or gifts you get, apply those directly to your investment account.

#4: Make it automatic.

Set up your retirement plan so from each and every paycheck an investment amount of your choosing is automatically applied to your retirement account. Keeping your money out of site will also keep it out of reach when it comes to spending.

#5: Start today.

The earlier you start, the more you’ll have the power of compound interest working for you. Having your earnings build more earnings is the best form of investing you can leverage.

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